Hi-Tech Pipes Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 19.10 59.30 26.50 --
Op profit growth (1.50) 50.80 24.90 --
EBIT growth (6.20) 62.60 30.30 --
Net profit growth (3) 102 59.80 --
Profitability ratios (%)        
OPM 4.90 5.92 6.26 6.34
EBIT margin 4.46 5.66 5.54 5.38
Net profit margin 1.69 2.07 1.63 1.29
RoCE 12.30 18 15 --
RoNW 3.55 5.52 3.62 --
RoA 1.16 1.65 1.10 --
Per share ratios ()        
EPS 18.70 20 10.10 6.20
Dividend per share 0.25 0.25 0.25 0.50
Cash EPS 12.60 16.20 3.34 0.68
Book value per share 159 108 74.60 64.40
Valuation ratios        
P/E 3.86 18 12.80 9.88
P/CEPS 5.70 22.20 38.60 89.80
P/B 0.45 3.33 1.73 0.95
EV/EBIDTA 6.15 9.97 7.01 5.84
Payout (%)        
Dividend payout -- 1.23 2.48 9.70
Tax payout (15) (30) (30) (36)
Liquidity ratios        
Debtor days 36.40 35.90 46.80 --
Inventory days 50.30 50.10 64.70 --
Creditor days (16) (20) (30) --
Leverage ratios        
Interest coverage (1.80) (2.10) (1.70) (1.60)
Net debt / equity 1.69 2.13 2.12 1.95
Net debt / op. profit 4.95 4.02 4.09 4.05
Cost breakup ()        
Material costs (91) (90) (88) (87)
Employee costs (1.50) (1.20) (1.70) (1.70)
Other costs (3.10) (3) (3.80) (5.10)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 1,210 1,016 637 504
yoy growth (%) 19.10 59.30 26.50 --
Raw materials (1,095) (913) (563) (438)
As % of sales 90.60 89.90 88.30 86.90
Employee costs (18) (12) (11) (8.50)
As % of sales 1.47 1.19 1.66 1.69
Other costs (37) (30) (24) (26)
As % of sales 3.07 2.96 3.81 5.12
Operating profit 59.20 60.10 39.90 31.90
OPM 4.90 5.92 6.26 6.34
Depreciation (6.60) (4) (6.90) (5.80)
Interest expense (30) (27) (20) (17)
Other income 1.25 1.31 2.39 0.97
Profit before tax 23.90 30 14.90 10.10
Taxes (3.50) (9) (4.50) (3.60)
Tax rate (15) (30) (30) (36)
Minorities and other -- -- -- --
Adj. profit 20.40 21 10.40 6.50
Exceptional items -- -- -- --
Net profit 20.40 21 10.40 6.50
yoy growth (%) (3) 102 59.80 --
NPM 1.69 2.07 1.63 1.29
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 23.90 30 14.90 10.10
Depreciation (6.60) (4) (6.90) (5.80)
Tax paid (3.50) (9) (4.50) (3.60)
Working capital 136 57.40 (57) --
Other operating items -- -- -- --
Operating cashflow 149 74.40 (54) --
Capital expenditure 102 46.80 (47) --
Free cash flow 252 121 (101) --
Equity raised 199 149 159 --
Investments -- -- -- --
Debt financing/disposal 197 124 (10) --
Dividends paid -- 0.26 0.26 0.52
Other items -- -- -- --
Net in cash 648 395 48.90 --
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 10.90 16.70 18.50 10.30
Preference capital -- -- -- --
Reserves 163 130 95.10 66.60
Net worth 174 147 114 76.90
Minority interest
Debt 312 272 255 180
Deferred tax liabilities (net) 14.80 14.70 8.80 4.06
Total liabilities 500 434 377 260
Fixed assets 202 173 141 88.90
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 2.86 3.32 2.37 0.30
Net working capital 276 241 221 155
Inventories 179 151 154 124
Inventory Days 53.90 -- 55.50 71.20
Sundry debtors 137 137 104 95.90
Debtor days 41.40 -- 37.30 54.90
Other current assets 30.50 27.60 36.10 34
Sundry creditors (56) (59) (45) (58)
Creditor days 16.90 -- 16.30 32.90
Other current liabilities (14) (16) (28) (42)
Cash 18.80 16 12.80 16.40
Total assets 500 434 377 260
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 1,210 1,360 1,040 713 566
Excise Duty -- -- 24.60 77.90 62.50
Net Sales 1,210 1,360 1,016 635 504
Other Operating Income -- -- -- 1.95 --
Other Income 1.25 1.38 1.31 2.39 0.97
Total Income 1,211 1,362 1,017 640 505
Total Expenditure ** 1,150 1,286 956 598 472
PBIDT 60.50 76.10 61.50 42.30 32.90
Interest 30 29.80 27.40 20.50 17.10
PBDT 30.40 46.30 34 21.80 15.90
Depreciation 6.57 5.31 4 6.94 5.79
Minority Interest Before NP -- -- -- -- --
Tax 2.94 8.75 6.34 3.47 2.47
Deferred Tax 0.54 4.89 2.68 1.04 1.10
Reported Profit After Tax 20.40 27.40 21 10.40 6.50
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 20.40 27.40 21 10.40 6.50
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 20.40 27.40 21 10.40 6.50
EPS (Unit Curr.) 18.90 25.80 20.40 10.10 8.29
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 2.50 2.50 2.50 2.50 --
Equity 10.90 10.70 10.50 10.30 10.30
Public Shareholding (Number) -- -- -- 4,068,000 4,068,000
Public Shareholding (%) -- -- -- 39.50 39.50
Pledged/Encumbered - No. of Shares -- -- -- 29,600 29,600
Pledged/Encumbered - % in Total Promoters Holding -- -- -- 0.47 0.47
Pledged/Encumbered - % in Total Equity -- -- -- 0.29 0.29
Non Encumbered - No. of Shares -- -- -- 6,203,500 6,203,500
Non Encumbered - % in Total Promoters Holding -- -- -- 99.50 99.50
Non Encumbered - % in Total Equity -- -- -- 60.20 60.20
PBIDTM(%) 5 5.60 6.05 6.65 6.53
PBDTM(%) 2.52 3.40 3.35 3.44 3.15
PATM(%) 1.69 2.01 2.07 1.63 1.29

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